August 4. 1906
RECORD AND GUIDE
209
ESTABLISHED^ MAR.CHaaX 1668.
DcAviipi RpAj.EswE.BmLDirfc i>;RpRrrECTtn¥,HoU8afoiiOE3a(«iMt,
Birsn/Ess AitoffiEMEs oF'GETto^l IKtcefst...
PRICE PER YEAR IN ADVANCTE EIGHT DOLLARS
PuhUtfied eVerp Smtardap
Gommnii!^atlons should b« ad drees od. to
C. W, SWEET, 14-ia Veaay Street, New York
9 Telaphon*. CortUndt 3157
"Entered at Ifl* P»it Office at New TtI; If. T.. as second-class matter."
Vol. LXXVIIl.
AUGUST 4. 1900.
No. 2003
INDEX TO DEPARTMENTS.
Advertising Section.
Page. Page.
Cement ....................xxlll Law.........................xt
Consulting Engineers ..........x Lumber..................xxviii
Clay Products ................ixil Machinery ...................Iv
Contractora and Builders ......v Metal Work ................xvli
Electrical Interests ..........vlll Qul;k Job Directory ........xxvll
Flreprooflng .................II Real Estate .................xiv
Granite ....................xxlv Roofers & Roofing Materials.xxvl
Heating ....................xk Slone .....................xxiv
Iron and Steel ..............xvlil Wood Products .....â– ......xxviii
AROUSING advance has characterized the stock market this
week, much on the lines the Record and Guide has
forecasted. In the opinion of many banlting houses, however,
the advance has gone Ear enough. This may be the case, but
yet there are indications of stocliS going still higher. Old
operators in Wall Street have learned by experience that all
great movements up or down may be divided into two periods.
In the first period prices reach a point where the best agree¬
ment is that they shall not go any farther. Then they proceed
to go a great deal farther. This they are likely to do now, and
we probably have only seen the beginning of the rise. The
resumption of dividends on United States Steel Common un¬
questionably has given a fillip to the market, if that were
necessary. It came as a surprise, but is apparently amply
justified by the large earnings of the company. Bullish senti¬
ment has been greatly encouraged by it and inquiry among com¬
mission houses shows that outside buying has already begun, in
strong contrast to the conditions that have prevailed for several
months. It would seem as if good profits were to be found in
the low-priced railroad issues. Colorado Southern has made
a new high record, and others in the same class heretofore men¬
tioned in these columns should logically do likewise. The pros¬
pect of bumper crops this year has now become an old story,
but the iteration of the fact is nevertheless impressive. The
Government July crop reports indicate that the corn crop will
break all records, the acreage planted being the largest ever
devoted to a siAgle grain in any country. Wheat, much of
which is already harvested, may go beyond the record by thirty
million bushels. Corn, hay, wheat and oats, taking them at
their gross value, may be estimated to be worth $2,750,000,000.
Statistics and deductions from statistics are often misleading,
but they are interesting nevertheless. Fifty-five years of
American progress (1850-1905) have seen American wealth grow
from 7 to 110 billions, or 1,600 per cent, increase, wiiiie the popu¬
lation has increased by only 250 per cent. In other words, the
national wealth has increased eight times as fast as the popu¬
lation. Certainty of ease in the money market is undoubtedly
a favorable factor in the general situation. Call money has
loaned during the last month as high as six per cent, and as low
as one and one-half per cent., the ruling rate at this writing
being two per cent. Attention must be directed to the very
successful sale by the Government of $30,000,000 2 per cent. 30
year Panama Canal bonds. It was admirably conducted by the
Secretary of the Treasury, and the best possible prices secured,
though national banks were not largely represented. Although
the Russian situation is disquieting, it has so far not had any
marked effect on the European bourses. Prom London it is
learned that the instalment of 20 per cent, of the Russian loan
due on Wednesday was fully covered without any hitch. It is
pertinent to the money and exchange question to state that the
United States exports to Europe alone in 1905 amounted to
$1,021,000,000, having grown nearly $400,000,000 in the last ten
years. Compared with ligures for 1896, the imports during the
fiscal year just ended show an increase of $447,000,000 and the
exports an increase of $861,000,000. Such facts argue well for a
continuation of the prosperity which the country now enjoys,
and as Messrs. Fisk & Robinson say, "it also means the building
up of still greater financial resources, which ultimately will
seek investment in high-class securities." It was Messrs. Fisk
& Robinson who secured $15,000,000 of the Panama bonds, and
are naturally in touch with the financial conditions. With an
advancing stock market and the prospects of a continuance of
easy money, it is highly probable that at the opening of fall
business and the increase of activity in real estate transactions,
there will be less difficulty for builders and operators in obtain¬
ing loans.
"pvECIDEDLY more animation characterized the real estate
-â– -' market this week than has been observed for a month,
and the sales comprised a very good variety of properties,
though not of marked significance in any individual case. The
business of the week was at least normal for midsummer, and is
a very strong indication that September will see the beginning
of another long era of activity. As to the monetary phase of tlie
question, there is nothing in the coudition of the mortgage
market to be wondered at. The total amount of money loaned
during the last eighteen months in the County of New York
has been enormous, and much greater than during the preceding
period. This has been tbe case in spite of very disturbing tax
legislation. The average amount of money loaned for each
week for the last three has been at the rate of over $600,000,000
a year. When allowance is made for the recording of new mort¬
gages to take up old ones, the total is still surprising. And there
are other reasons which are more general for the high rates of
interest at the present time. The better feeling is also evi¬
denced in the buildiug line and in the stronger demand for
material, with higher quotations for common brick. Dealers iu
building materials agree that the slump is only natural and
usual in brick building at this period, but seems more pro¬
nounced because of the. long period of high prices preceding.
The brick market on Wednesday was quite clear of material
and shippers up the river were reported to be holding their
cargoes for a minimum of $6.25 per M. It may be remarked that
other building niateria:s have maintained values at the highest
levels of the summer, in spite of the bear movement, which
indicates that building operations generally continue in strong
foi'ce.
PHILANTHROPISTS and would-be philanthropists have long
sought to establish hotels or lodging houses for women
who work in stores, offices or factories, and wliose income is
necessarily small. What is now known as the Park Avenue
Hotel on Fourth avenue was originally built by the late Alex¬
ander T. Stewart, the dry goods millionaire, with such an end in
view. But tlie management was inefiicient, and the restrictions
were so severe that the enterprise proved a failure, and the
Stewart heirs turned the structure into a regular hotel. This
was over twenty-five years ago. There is still a crying need for
such establishments, and so we now have the "Trowmart Inn,"
a seven-story hotel in Abingdon square, built for working girls,
which will open its doors in a few days. The hotel possesses
many original features, and is an imposing and substantial
structure. Mr. W. R. H. Martin, who built it, says; "I put up
this building because I did not want to make the mistake of
many well-meaning persons, who leave such enterprises for
executors and legatees, who may or may not be in sympathy
with the plan. It is said that the structure is not an invest¬
ment, and that Mr. Martin does not expect any return from
the property, but that it is to be made self-supporting. When
this is the case it is to be turned over to a board of trustees.
There are some four hundred rooms, many bath-rooms, and
on the ground floor, parlors, a library, reading and recreation
rooms. The terms will be very moderate to begin with, and if
feasible will be reduced to a lower figure to a point where the
income and outlay will be equal. Provision is to be made for
some sort of social life for the Trowmart Inn's patrons and for
the entertainment of visitors. There are to be no unnecessary
restrictions, and if Mr, Martin can carry out his beneficent
plans in conducting the establishment it should prove a boon to
working girls in having a home in a great up-to-date structure
with all sanitary improvements, good and cheap food, and amid
desirable surroundings.
SINCE the bids were opened for the last sale of New York
City bonds many good reasons have been offered to ex¬
plain the failure of tlie sale, and these several reasons agree sub¬
stantially with one another. The low price at which the city
was obliged to sell its securities was due chiefly to the fact that
more of them have been offered for sale recently than the mar¬
ket could take. The city has been borrowing enormous amounts
of money during the past five years, and practically throughout
the whole of this period business has been active and money